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(49) Terri, age 16, is claimed as dependent on her parents 2013 return. During the year, Terri earned $5,000 in interest income and $3,000 from
(49) Terri, age 16, is claimed as dependent on her parents 2013 return. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terris taxable income? (b) How much of Terris is taxed at her own tax rate? At her parents rate? C. Can the parental election of the kiddie tax be made? Why or why not
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